[caption id="" align="alignnone" width="648"] Rental Trap[/caption] There are many benefits to homeownership. One of the top benefits is protecting yourself from rising rents, by locking in your housing cost for the life of your mortgage.
Don’t Get Caught in the Rental TrapA recent article by Apartment List addressed rising rents by stating:
“Rents are up 2.7% year-over-year at the national level. Year-over-year growth continues to fall between the 2.1% rate from this time last year and the 3.4% growth rate from October 2015.”The article continues explaining that:
“Despite the seasonal slowdown, rents are still up year-over-year in 89 of the 100 Largest cities.Additionally, the Urban Institute revealed that,
“Over a quarter of renters, or 11.1 million households, are severely cost burdened, spending at least half their income on rental housing.These households struggle to save for a rainy day and pay other bills, including groceries and healthcare.